Sellers in which of the following market structures are likely to have the highest market power?
A) Monopoly
B) Oligopoly
C) Perfect competition
D) Monopolistic competition
A
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The impact of an increase in the wage rate on labor supply will be represented by ________, assuming all else equal
A) a rightward shift of the labor supply curve. B) a leftward shift of the labor supply curve. C) an upward movement along the labor supply curve. D) a downward movement along the labor supply curve.
The total amount of surplus lost due to taxation is:
A. greater than the amount of revenue generated. B. less than the amount of revenue generated. C. transferred to the government in the form of tax revenues. D. used to fund public services.
The demand for a resource rises as
A. its productivity rises and the relative prices of substitutable resources rises. B. its productivity rises and the prices of substitutable resources falls. C. its productivity falls and the relative prices of substitutable resources falls. D. its productivity falls and prices of substitutable resources falls.
Which of the following statements is TRUE for a monopolistically competitive firm in the long run?
A. P = MC = MR B. P = ATC > MR C. MC > P > ATC D. P > MC > ATC